Foreign Citizens can convert cancelled Old Currency upto 31 Jan. 2017: RBI

RBI extends deadline for conversion by Foreigners of Old Currency Notes (Rs. 500 and Rs. 1000) into Foreign Exchange upto 31 Jan. 2017 (from 31 Dec. 2016)

The RBI has extended the deadline/ relaxation upto 31 Jan. 2017 for foreign citizens to convert cancelled Indian currency notes of Rs. 500 and Rs. 1000 into Foreign Exchange notes up to a limit of ₹ 5000/- per week, as under:

RBI Circular dt. 3 Jan. 2017

1. Attention of Authorized Persons is invited to the A.P. (DIR Series) Circular No. 20 dated November 25, 2016 permitting foreign citizens to exchange foreign exchange for Indian currency notes up to a limit of ₹ 5000/- per week till December 15, 2016 and extended up to December 31, 2016 vide A.P. (DIR Series) Circular No. 22 dated December 16, 2016.

2. On a review it has been decided that the instructions contained in the A.P. (DIR Series) Circular No. 20 dated November 25, 2016 shall continue to be in force till January 31, 2017.

3. Authorised Persons may follow the above instructions and bring the contents of this circular to the notice of their constituents.

4. The directions contained in this circular have been issued under Section 10(4) and Section 11(1) of the Foreign Exchange Management Act, 1999 (42 of 1999) and are without prejudice to permissions / approvals, if any, required under any other law.

RBI Circular dt. 16 Dec. 2016

1. Attention of Authorized Persons is invited to the A.P. (DIR Series) Circular No. 20 dated November 25, 2016 permitting foreign citizens to exchange foreign exchange for Indian currency notes up to a limit of ₹ 5000/- per week till December 15, 2016.

2. On a review it has been decided that the instructions contained in the A.P. (DIR Series) Circular No. 20 dated November 25, 2016 shall continue to be in force till December 31, 2016.

3. Authorised Persons may follow the above instructions and bring the contents of this circular to the notice of their constituents.

4. The directions contained in this circular have been issued under Section 10(4) and Section 11(1) of the Foreign Exchange Management Act, 1999 (42 of 1999) and are without prejudice to permissions/ approvals, if any, required under any other law.

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